All I'm using is a 10 gallon tank with an old hang on filter with a sponge element and a heater. I didn't bother with a skimmer since a 5 gallon water change should clear things up quickly. I don't need special lighting for it unless I'm quarantining corals, otherwise fish are fine with the regular room lighting. A couple of pvc sections provide hiding places and I don't bother with a substrate.
My Q-tank is set up just like my reef only hardier corals. Substrate and everything. I also have a hospital tank. I have seen recommendations that seem to be a good idea. It is to keep the q-tank at the same salinity as the LFS and slowly adjust it to the same parameters as the main tank over the month or two of quarantine.